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SEC Filings

10-Q
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-Q on 10/26/2017
Entire Document
 

senior subordinated notes, 5.375% senior subordinated notes, 5.50% senior subordinated notes, 3.75% senior subordinated notes, and our fixed rate mortgage facilities are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2017

 

December 31, 2016

 

 

  

Carrying Value

  

Fair Value

  

Carrying Value

  

Fair Value

 

5.75% senior subordinated notes due 2022

 

$

545.7

 

$

562.9

 

$

545.1

 

$

567.6

 

5.375% senior subordinated notes due 2024

 

 

297.1

 

 

307.5

 

 

296.8

 

 

293.0

 

5.50% senior subordinated notes due 2026

 

 

494.2

 

 

511.4

 

 

493.7

 

 

489.4

 

3.75% senior subordinated notes due 2020

 

 

296.2

 

 

302.1

 

 

 —

 

 

 —

 

Mortgage facilities

 

 

211.8

 

 

210.2

 

 

199.9

 

 

195.6

 

 

 

 

2. Inventories

 

Inventories consisted of the following:

 

 

 

 

 

 

 

 

 

 

    

September 30,

    

December 31,

 

 

 

2017

 

2016

    

Retail automotive dealership new vehicles

 

$

2,228.4

 

$

2,153.0

 

Retail automotive dealership used vehicles

 

 

926.6

 

 

771.7

 

Retail automotive parts, accessories and other

 

 

129.4

 

 

119.1

 

Retail commercial truck dealership vehicles and parts

 

 

227.8

 

 

170.3

 

Commercial vehicle distribution vehicles, parts and engines

 

 

258.1

 

 

194.1

 

Total inventories

 

$

3,770.3

 

$

3,408.2

 

 

We receive credits from certain vehicle manufacturers that reduce cost of sales when the vehicles are sold. Such credits amounted to $15.7 million and $12.9 million during the three months ended September 30, 2017 and 2016, respectively, and $40.2 million and $38.2 million during the nine months ended September 30, 2017 and 2016, respectively.

 

 

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